A new study released by Waterfront Toronto provides deep insights into its role in the Canadian economy. "Toronto’s waterfront project has injected $3.2 billion into the Canadian economy and has created 16,200 full-time years of employment, according to economic research firm, urbanMetrics," says an article that appeared in the Daily Commercial News.
"The tri-government effort to revitalize our waterfront is an increasingly important driver for economic development in Toronto,"Toronto City Councillor Michael Thompson, Chair of Economic Development and Culture Committee, says in the article. "Ultimately it is helping Toronto compete with other leading global cities for investment, jobs and people."
The waterfront's revitalization prompted an additional $2.6 billion in development projects altogether, including the 2015 Pan/Parapan American Games Athlete's Village, River City Condominums and Monde Condominiums. The article reports these constructions will "put another $2.2 billion in to the Canadian economy and generate $1.17 billion in labour income."
Once complete, "the revitalization project would add $12.9 billion to the economy and $4.9 billion in revenue to all three levels of government. The City of Toronto will receive an additional $252 million toward future infrastructure projects as well as $105 million annually in property tax revenue."
Additional
reports say there are 44 recent or planned developments in the works.
Read the full story
here.
Original Source: Daily Commercial News